Upon receipt of proof of death of a member who has no preretirement option in effect: (a) The surviving spouse may elect to receive either of the following: (1) The memberâs accumulated retirement contributions in a lump sum. (2) If the member meets the provisions set forth in Section 23854, the survivor benefit allowance pursuant to Sections 23854 and 23855. (b) If there is no surviving spouse, and the member meets the provisions set forth in Section 23854, then each dependent child shall receive the childâs portion of the survivor benefit allowance pursuant to Sections 23854, 23855, and 23856. The childâs portion of the survivor benefit allowance shall be paid in lieu of the return of the memberâs accumulated retirement contributions. (c) If there is no surviving spouse or dependent child to receive a benefit under subdivision (a) or (b), the memberâs accumulated retirement contributions shall be paid to the memberâs beneficiary in a lump sum. (d) The memberâs accumulated annuity deposit contributions shall be paid to the memberâs beneficiary in a lump sum. (e) The payment of accumulated contributions in a lump sum shall include credited interest through the date of payment. (f) A beneficiary may waive the right to the lump-sum payment or survivor benefit allowance in accordance with the requirements established by the system. The waiver shall be submitted on a properly executed form prescribed by the system. All waiver forms for an ongoing benefit shall include an acknowledgment on the part of the waiving beneficiary that the benefit being waived is an ongoing benefit, which may exceed the total amount of contributions and interest payable from the memberâs account as a result of the waiver. The filing of a waiver by a beneficiary constitutes a complete and immediate discharge of all obligations of the board, the system, or the plan to, or on behalf of, the beneficiary.
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